Gov sees Green on power price caps, but NEG means no benefits: Bandt

Gov sees Green on power price caps, but NEG means no benefits: Bandt

Greens climate change and energy spokesperson Adam Bandt MP today welcomed the news that the government may be forced to adopt a Greens plan for re-regulating electricity prices. But Mr Bandt warned that any benefits from capping power prices may be wiped out by the National Energy Guarantee which will destroy renewables investment and increase the power of the big three gen-tailers.

“I am glad to see the government considering adopting another good Greens policy, but I doubt they’ll do it properly and any benefits from price-capping will likely be trashed by the renewables-destroying NEG,” Mr Bandt said.

“As the Reserve Bank has pointed out, more renewables means lower prices but the NEG will kill investment in renewables stone dead.“Capping prices is a good idea, but with NEG putting more power in the hands of the big three, the NEG and price caps will likely cancel each other out. It is pressing your foot on the accelerator and the brake at the same time.

“As energy experts have suggested, by prioritising retail contracting in the electricity market, the NEG places even more power in the hands of the big three gen-tailers who are already making billions in profit.

“Instead of being half-hearted about it, the government needs to take the plunge and fully re-regulate power prices.”

“Labor needs to join the Greens to kill off the National Energy Guarantee when the legislation comes to the House of Representatives and send the government back to the drawing board.”

We respectfully acknowledge the Wurundjeri as the Traditional Owners of this country, pay tribute to all Aboriginal and Torres Strait Islander people, and give respect to the Elders past, present and emerging.